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12/29/04:While holiday retail numbers arestill being tallied, there is agreement among the experts at ICSCand the National Retail Federation about the outcome. There was anincrease of anywhere from 3% to 4.5% over last year's holidaysales, and this should bring a sigh of relief to theretailers. But wait. Not so fast. Although it is awelcome sign that consumers continue to prime the economy withtheir purchasing power, consider the retailers' bottom lines. In a world where energy costs have risen 40% in the past year, thecost of borrowing has risen steadily and competition from onlineretailing is taking a bigger bite, don't be surprised to see someincredible write-downs among the nation's largest retailers. It'snot only the consumer that has the holiday hangover.
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EQUIS CORP.
(ATLANTA) Brett Pingle has been promoted toassociate vice president, moving up from his previous role asassociate. Pingle, who specializes in industrial properties, hasworked at Equis since 2001.

CYPRESS CREEK CAPITAL
(FT. LAUDERDALE, FL) New to the firm are StevenBeauchamp and Jan David Reese. Both havejoined as executive vice presidents in the capital markets group,and both were most recently in senior positions at Grubb &Ellis' Landauer Capital Markets organization.

SIGNATURE ASSOCIATES
(LANSING, MI) Janet McDonald has joined thefirm's local commercial brokerage team, specializing in industrial,office and retail brokerage services.

NAI OLYMPIA PARTNERS
(INDIANAPOLIS) Lori Ballard has joined the firmas associate in its industrial division. Ballard was most recentlyat a large industrial development company, where she worked inbusiness development.

NORTH AMERICAN PROPERTIES
(ATLANTA) The company has brought in Gill Salladeas senior development manager and Sheri Ross asleasing agent. Sallade was previously senior development manager atthe Sembler Co.; Ross also comes from the Sembler Co., where shewas leasing representative.

KEYBANK

SeniorSpecialist, Syndicated Finance

(OHIO)

Ideal candidate will structure realestate transactions for the syndicated and mezzanine loan markets,which includes making presentations to clients and other banks andparticipating in credit approval meetings. He or she will alsoreview, gather information and work with junior officers inpreparation of information memorandums and distribution strategies.

CONFIDENTIAL

RealEstate Asset Manager

(CALIFORNIA)

In this role, asset manager will oversee property operations andleasing, which involves reviewing market studies, setting rents andimplementing leasing plans. He or she must also ensure successfulexecution of leasing strategies and analyze operational andfinancial reports.

CONFIDENTIAL

DivisionController

(NEW JERSEY)

Suitable applicant willdevelop, analyze, and interpret statistical and accountinginformation while advising area president and VP of operations. Heor she must prepare required financial packages, land feasibilitypro-formas on potential acquisitions and analysis for monthlyfinancial calls.

AFFINITI ARCHITECTS

Architect

(FLORIDA)

Using a minimum of fiveyears of experience in multifamily housing design and management,this associate-level professional will fill an opportunity at anational award-winning luxury residential firm.

AIMCO

AssetManager

(TEXAS)

This opportunityrequires monitoring financial and operating performance ofmultifamily portfolio; participating in the development ofstrategic goals and objectives for assigned portfolio; reviewingfinancial statements, tax returns, K-1's, etc.; and overseeingbudgeting and compliance.

CANYON PARTNERS LLC

Accountant

(CALIFORNIA)

Appropriate applicant will monitorcost accounting; review draw packages, lien waivers, titledate-downs and consultant reports; and maintain equity and debtbalance for assets. He or she will also forecast cash flowrequirements, perform operations accounting and review bankingactivity.

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